Central banks are being urged to embrace the digital age and take the lead in innovation, according to Agustín Carstens, General Manager of the Bank for International Settlements (BIS). Speaking at a conference in Basel, Carstens highlighted central bank digital currencies (CBDCs) as a key element in this transformation. However, he also acknowledged the challenges involved, such as the different technological infrastructures being developed by different countries and the potential for cyber risks and criminal activities. Carstens emphasized the importance of maintaining an appropriate level of privacy to ensure public acceptance of retail CBDCs. The BIS has pledged its support to central banks in their digital endeavors through its Innovation Hub and Cyber Resilience Coordination Centre. The Innovation Hub has been actively involved in various digital economy projects, including collaborating with the Swiss National Bank on a wholesale CBDC, building a joint platform with central monetary authorities from China, Hong Kong, Thailand, and the United Arab Emirates, and developing a proof-of-concept for a transactions tracker with the European Central Bank.

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Information	Details
Geography	Asia
Countries	🇨🇳 🇭🇰 🇹🇭 🇦🇪
Sentiment	positive
Relevance Score	1
People	Agustín Carstens
Companies	Swiss National Bank, BIS Innovation Hub, European Central Bank, Cyber Resilience Coordination Centre, Bank for International Settlements (BIS)
Currencies	None
Securities	None